Sports apparel brand Under Armour has inked a 19,000-square-foot lease at the 20-story Starrett-Lehigh Building, owned by RXR Realty, Crain’s reported. The lease spans 10 years for a portion of the 15th floor, and marks the company’s first New York City space.
David Falk and Jason Greenstein of Newmark Grubb Knight Frank represented the tenant in the transaction. Asking rents were in the $60s per square foot, Crain’s said.
RXR purchased the building, which is now fully occupied, in 2011 for $900 million. The landlord was represented in-house.
“Brands continue to find Starrett-Lehigh attractive because we have different attributes that creative companies like,” RXR’s William Elder told Crain’s.
Previously considered the periphery, the location of the Starrett-Lehigh on a full block between West 26th and West 27th streets and 11th and 12th avenues is now part of the booming Midtown South market, and close to the Hudson Yards mega-development, Crain’s said.
The landlord is investing tens of millions of dollars into building upgrades. The lobby is being expanded, the hallways redone and the windows around the building being replaced. [Crain’s] —Zachary Kussin